RBA issues climate warning

Lines attributable to Adam Bandt MP, Greens climate change and energy spokesperson:

“After this warning from the Reserve Bank, the Coalition and Labor can no longer avoid having a plan to transition out of coal in an orderly manner.

“Australia’s central economic institution has just confirmed we could tip past the 1.5 degree global warming threshold in as soon as 10 years.

“Even the Reserve Bank is now talking about stranded assets, about mines and power stations that will soon be worthless as we come to grips with the imperative of keeping coal in the ground.

“It’s not the style of the Reserve Bank to shout warnings from the rooftops, so when the Deputy Governor labels climate change a ‘serious challenge’ that will have impacts within the 2 to 3 year timeframes the RBA usually focuses on, it’s the equivalent of ringing the alarm bells.

“When the Reserve Bank urges Parliament to start thinking about a transition plan to minimise economic shocks, it is time for Australia to follow countries like Germany and develop an orderly plan to exit coal while supporting affected communities.